Indian budget 2020-21 By nirmala sitaraman

Indian budget 2020-21 By nirmala sitaraman

nirmala sitaraman- she was born on 18 August 1959, she joined the BJP in 2006 and was appointed as a spoker person for the party in 2010 she was inducted in two prime ministers cabinet as a junior minister and in June, 2014 she was elected as a rajya sabha member from Andhra Pradesh. In my 2016 she was one of the 12 candidates nominated by the BJP to the contest the rajya sabha elections due on 11 June 2016, she successfully contested her seat from Karnataka.
-union defense minister on 3rd September 2017 she was appointed as minister of defense in India.
-union finance minister on 31 may 2019 she was appointed as finance and corporate affairs minister

Theme

1 Ambitious India – It is divided into programs related to agricultural irrigation and rural development, wellness, water and sanitation, education and cells. This will help in doubling farmers’ income by 2022 and achieving the goals of New India.
2. Economic development of all – It is shown in the Prime Minister’s Prabodhan Sabka 
Saath, Sabka Vikas, Sabka Faith and at the same time there will be more scope for private sector.
3 Protected Society – We will have protection which will be inspired by human and compassionate spirit.

HIGHLIGHTS OF BUDGET-

# 30.42 lakh bookkeeping
# 12300 crore for Swachh Bharat Mission
# 2.10 Lakh Crore Target to be raised in Disinvestment
# 02: 40 hours speech by the Finance Minister in the country’s longest history #income tax slab
# 2.83 lakh crore allocation for agriculture, rural development and irrigation # New opportunities for farmers
#EDUCATION BUDGET
#SPORTS BUDGET
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Finance Minister Nirmala Sitharaman presented her first full budget on Saturday. She has tried to heal the middle class people. Emphasis has been given on promoting liberalization to speed up another economy while facilitating the lives of common people. Several important steps were announcedAnnouncing major changes in the income tax structure, the Finance Minister has taken the initiative to provide relief to the middle class by creating categories with income tax rates. Emphasis has been laid on eliminating dividend distribution tax for companies and simplifying things in the field of indirect tax refund. is.The Finance Minister has proposed an IPO to the public sector insurance company Life Insurance Corporation of India and to save the government’s remaining stake in IDBI Bank to enhance liberalization and reforms in the 2020-21 budget presented in the Lok Sabha. Sitharaman announced the end of dividend distribution policy for companies, meeting the old demand of the industry.
The Finance Minister has presented this budget at a time which continues to be a period of economic slowdown across the world. It has also seen its impact on India and is projected to be fifth on economic growth in the current financial year. This is the lowest level of 11 years .The Finance Minister made several announcements in the budget speech in the fields of farmers, women, rural economy, tourism and infrastructure projects.
Presenting the budget of the year on Saturday, Finance Minister Nirmala Sitharaman said that the foundation of the economy is strong and inflation is under control. The bookkeeping of the banks is also neat and tidy. The aim of the government is to increase the income and purchasing capacity of the people. They have described the Goods and Services Tax as a historic structural reform, saying that this has made the country economically integrated “India is the fifth largest economy in the world “The Finance Minister said that India has now become the fifth largest economy in the world. The central government’s debt has come down to 48.7 percent of GDP from 52.2 percent in March 2014The growth during 2014 19 was more than 7.4 percent while average inflation was 4.5 percent.
Drawing out the future of India by “Digital revolution is recognized in the world”, the Finance Minister said that this budget has three major things taken care of. Digital revolution, national infrastructure development and social security. This will give a new direction to the country. The digital revolution has given India a new identity in the world. Reducing risk in life through disaster management will increase social security by increasing the scope of pension and insurance.
“Beti Bachao Beti Padhao” Successful Sitharaman said that Beti Bachao Beti Padhao campaign should get better resultsThe enrollment of girls in schools has increased compared to boys, the enrollment ratio of girls at the initial level is 94.32 per cent while the ratio of boys is 59.28 per cent, at the secondary level the ratio of girls is 81.32 per cent and that of boys is 78 per cent.

INCOME TAX

Income. Tax
2.5 lakh. 0%
2.5 to 5 lakh. 0%
5 to 7.5 lakh. 10%
7.5 to 10 lakh. 15%
10 to 12 lakh. 20%
12.5 to 15 lakh. 25% 
Above 15 lakh. 30%
Conditional exemption of income tax to taxpayers- Finance Minister Nirmala Sitharaman has announced new tax slabs for the common people in the budget. They have also made a condition that the old tax exemption will not apply in any way though the old system of the government It is said to remain intact.

Exitement

Finance Minister Nirmala Sitharaman, who arrived in Parliament on Saturday, two days after Basant Panchami, was wearing a yellow silk sari. Yellow color is considered a symbol of happiness, prosperity, wisdom and new beginning and enthusiasmIn such a situation, in this phase of economic slowdown, several bold steps will be taken in this budget to give new momentum to the economy. Increasing the income tax exemption limit, eliminating dividend tax imposed on the stock is part of these steps. This is not the first time the color of Sitharaman’s sari has mixed the essence of the budget. In July last year, the Finance 
Minister came to Parliament to present the budget wearing a golden border lace pink 
saree.

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Record of the longest speech of Sitharaman

The Finance Minister gave a 2 hour and 40 minute hymn speech in Parliament on Saturday. In terms of time, this is the longest budget speech given by any finance minister in Indian history. The special thing is that due to deteriorating health, he could not read the last 2 pages of the speech. Sitharaman started reading the budget speech at 11:00 am. His speech ended at 1:40 pm. Despite speaking for 160 minutes continuously, he could not read the last two pages, due to deteriorating health, he had to leave the speech incomplete. Sitharaman said “Budget” There are two more pages in the speech, Sir, I think I have not read the rest of the pagesWill be able to “. Sitharaman broke her own record of giving the longest budget speech when she presented 2 hours and 17 minutes while presenting the first budget of Modi government in July 2019. Before Sitharaman, Jaswant Singh made a record in 2003 by giving a long speech of 2 hours 13 minutes. In terms of words, Manmohan Singh as the Finance Minister gave the 
longest speech with 18650 words. Bhai, in the shortest speech, the budget speech of the then Finance Minister Hero Bhai Mooljibhai Patel in Parliament during the 1977 Interim Budget was just 800 words.

16 point action plan

1) Encourage the State Governments which promote modern laws like marketing of agricultural produce, implementation of laws like contract farming.
2) Water crisis is a big challenge, we will focus on 100 districts facing water scarcity and there will be emphasis on increasing ground water level and water harvesting.
3) Annadata should also become energy giver. Our government will encourage the 
balanced use of fertilizers. Excessive use of chemical fertilizers will be prevented.
4) Government will help to install solar pump to 2000000 farmers. If the farmers have barren land eaten, then I will be able to set up a solar power generation unit.
5) India has a capacity of 162 MT cold storage. We will promote building of storage at block and taluka level and food corporations will be able to build cold storage on their land.
4) Self-help groups, especially women self-help groups, will be able to promote winner storage and collect seeds.
4) Indian Railways will arrange for cold change storage within the Kisan Raila trains. The railway will help the Kisan Rail for transporting perishable goods from one place to another.
4) Agricultural flying will also begin. Aviation will be through the MinistryThis will enable agricultural produce from the northeast and tribal areas to reach the market in a short time.
4) More attention has to be paid to horticulture. We have to promote the produce of 1 district by dividing it into clusters so that farmers can get better prices in the market.
10) Will promote integrated farming system. Zero will promote budget and organic farming so that it can be more competitive by reducing costs in agriculture.
11) Will focus on financing and negotiable warehousing receipts
12) Non-banking finance companies are currently active in agriculture. NABARD Scheme will be given an extension, in 2020 – 21, 15 lakh crores have been kept for agricultural credit.
13) Will eliminate diseases of livestock. Use MNREGA in it will double the milk processing capacity, from 53 lakh metric ton to 108 lakh metric ton.
14) A framework will be established for the management of marine fishery resources under the Blue Revolution. The focus will be on the safety, stability and responsible sea fishing of fishermen at sea
15) By 2023, fish producers will increase to 200 lakh tons. To promote fisheries sector, 37 Sagar Mitras and 500 fisheries organizations will be added.
14) Self-help groups will be promoted under Deendayal Antyodaya Yojana.

ANNOUNCEMENT-

1) 100 airports to be built – Under the UDAN scheme, 100 new airports will be built by 2024, although it is not clear where the Anai airports will be built, but it is certain that many small and big cities will be connected by air services.
2) There will be 2200 airplanes – The Finance Minister said that there are plans to take a fleet of 2200 airplanes in the country.
3) 6000 km of highways – The government is preparing to connect highways to tourist
destinations. The Finance Minister said that 6000 km of highways will be built before 2024 and 9000 km of economic corridor will be built.
4) 4000 km of roads – 2000 km of roads will be built in the seaside areas and 2000 km of roads built in strategic areas.
5) Expressway- Delhi Mumbai Expressway work will be completed by 2023 as well as work will start soon on Chennai Bangalore Expressway.
7) Waterway- The work of National Waterway 1 on the river Ganga will be completed soon. The second inland waterway is being celebrated between Dhubri to Sadiya.
E) Ports – At least one major port will be incorporated and it will be listed on the stock exchange.

7 Maharathi –

Finance Minister Nirmala Sita Raman on Saturday presented her second budget as the seventh and the finance minister of the Modi government. Mainly 7 officials and 
economists have a big role in making this budget. Economic, revenue expenditure of the finance ministry in preparing the budget , Financial Services, Investment and Public PropertyAlong with the principal secretaries of the management department, the Chief Economic Advisor of the government has the role of Principal Economic Advisor. Let’s know about the team of Finance Minister-
1) K. Subramaniam (Chief Economic Advisor) Krishnamurthy Subrahmanyan has a PhD in Financial Economics. He completed his research work under the guidance of Raghuram Rajan. Subramanian presented the first Economic Survey in the Budget of July 2019.
2) Rajiv Kumar (Finance Secretary) Finance Secretary Rajiv Kumar is an IAS in the 1984 
batch of Jharkhand cadre. He has been instrumental in giving speed to many agents of Modi government and has also contributed in stopping the crisis of non-banking financial companies.
3) Ajay Bhushan Pandey (Revenue Secretary) A 1984 batch IAS officer of Maharashtra cadre, Ajay Bhushan Pandey is Revenue Secretary at the Center. They have been under pressure to push forward the proposal.
4) Atun Chakraborty (Secretary, Department of Economic Affairs) Atun Chakraborty, a 1985 IAS officer of Gujarat cadr
e, was sent to the Department of Economic Affairs soon after the presentation of the budget of July, before that Atun was working in the Department of Disinvestment. Has played a very important role.
5) TV Somanathan – T V Somnath is an IAS officer of 1987 Tamil Nadu cadre, recently came to the Finance Department in 2015.He has served in the Joint Secretary Prime Minister’s Office.
4) Tuhin Kant Pandey- (Secretary, Department of Disinvestment and Public Asset Management) This 1987 batch Orissa cadre IAS officer has his department in important departments because the government has planned to disinvest BPCL and Air India companies.
4) Sanjeev Sanyal – (Principal Economic Advisor) The Principal Economic Advisor of the Government, Sanjeev Sanyal is a historian and economist. Their interaction and interaction with the Reserve Bank and prominent personalities of the financial sector continues to play an important role in the preparation of the economic survey with the budget.

political review-

#P. Chidambaram: The government has given up hope of bringing the economy back on track and creating employment opportunities. The government has not believed that the economy is in crisis.
# Rajnath Singh- Budget is double investment, doubling the income of farmers, there will be stability in industries. It is a progressive budget that will make the country more prosperous.
# Smriti Irani – The budget has a solution to all challenges, with special attention given to nutrition including women and children, which is a commendable step.
# Mamta Banerjee- The government plans to attack the legacy of public institutions, it is a difference of sense of security.
# Mayawati – The solution to the ever increasing problems of the people on the
poor, honest and hard work of the country is not possible with this budget.
# Akhilesh Yadav – Several steps have to be taken to deal with the declining economy, inflation and unemployment, for which special measures have not been taken.
# Ashok Gehlot – There is no hopeless budget, there is no plan to bring the economy back on track.
# Sitaram Yechury – There is no solution to the problems related to the common people in the budget, only the government has jumbo.
# Amit Shah- The budget will help the country’s farmers to double their income
by providing reasonable prices of the product with special schemes for irrigation and grain  storage.
# Rahul Gandhi- The budget was talking about reforming the tax system and has given another option on the method of simplifying the income tax, this has led to confusion.
# Nirmala Sitharaman- We need to double the income of farmers by 2022, to liberalize the agricultural market, to make farming competitive, to support agro-based activities and to bring new technology.

MY OWN VIEW

The government has tried to provide new opportunities for the children of farmers, their smooth lives for the budget of farmers. The goal of doubling the income of farmers is set in this budget and hopefully it will be realized. This budget has been appreciated in many states and it has been disregarded in many states. It is to see how far this savings takes India’s progress. Will this country be able to save this budget from the economic downturn. India has been an agrarian country and even today agriculture, farmers, rural development of these all plays a very important role in the country which is clearly shown in this budget.

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Author:
Shubhi jaiswar
B.A.LL.B. (1st year)
Hemwati Nandan Bahuguna Garhwal University Uttarakhand (Pandit purnanand Tiwari Law College Haridwar)

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